VF Corporation boosted by strong performance at The North Face
VF Corporation saw its revenue climb by 9% to $2.8 billion in its fourth quarter after sales at The North Face brand rose by 24%.
While sales were also up at Timberland, where there was growth 9%, revenue at the Vans footwear brand was flat in the period.
The results meant that revenue across the group was up 28% to $11.8 billion in the year to 2 April.
Steve Rendle, chairman, president and chief executive of VF, said: “I am pleased with the progress we have made advancing our strategic priorities while successfully navigating another eventful year. We largely delivered on the commitments we made at the outset of fiscal 2022 by achieving broad-based growth across our family of brands. A portion of our active segment did not achieve its potential. We understand the issues, we have the right people in place and we know we will do better.”
Looking at VF’s various regions, revenue was up 12% and 15% respectively in the US and EMEA, but down 11% in APAC.
If there are no further significant Covid-19 related lockdowns in any of its key commercial or production regions, VF now expects revenue for the new financial year to rise by at least 7% in constant dollars.
Rendle added: “We will continue to thoughtfully invest in our brands and value-enhancing strategic growth opportunities and I am confident VF has a long runway for sustained, profitable and broad-based growth ahead.”
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